SURREY, BC, May 5, 2020 /CNW/ - INEO Tech Corp. (TSXV: INEO) (the "Company" or "INEO") announces it has closed the previously announced acquisition of Newman Loss Prevention ("Newman"), based in Calgary, Alberta. The acquisition of Newman remains subject to the final approval of the TSX Venture Exchange.
Newman is the preeminent independent reseller of loss prevention products and services in Alberta and Saskatchewan. INEO's acquisition of Newman, includes acquiring ongoing contracts, customer lists and inventory assets, in exchange for 200,000 common shares in INEO with a future earn-out consideration of another 200,000 INEO common shares upon achievement of certain agreed to milestones. Dan Newman, the principal of Newman, has 25 years of retail sales experience and has joined INEO as Director of Sales for the Prairie Region.
"Part of our growth strategy is to quickly expand our customer base by acquiring profitable loss prevention resellers who are solid operators and have a good list of customers where we can install INEO Welcoming Systems," stated Kyle Hall, CEO of INEO. "Newman brings us over 200 retail customers which will immediately deliver accretive cash flow and give INEO valuable retail relationships to continue to accelerate our business across Canada."
The Company also announced today, that as part of its go forward plan as a public company, its board of directors has appointed Davidson & Company LLP, Chartered Professional Accountants (the "Successor Auditor") of Vancouver, British Columbia, as auditors for the Company. Dale Matheson Carr-Hilton Labonte, Chartered Professional Accountants (the "Former Auditor") has resigned as auditors of the Company, at the request of the Company.
There were no reservations in the Former Auditor's reports for the two most recently-completed fiscal years or for any period subsequent to the most recently-completed period for which an audit report was issued and preceding the date of the Former Auditor's resignation. There are no reportable events between the Company and the Former Auditor. The resignation of the Former Auditor as auditor of the Company has been approved by the Company's audit committee and its board of directors. The notice of change of auditor, together with the letter from the Former Auditor and the letter from the Successor Auditor, have been reviewed by the Company's audit committee and its board of directors and are posted at www.sedar.com.
About INEO Tech Corp.:
INEO Tech Corp., through its wholly owned subsidiary, INEO Solutions Inc., provides retailers with The Welcoming System, a patented in-store and online advertising platform that enhances the customer experience, monetizes the entrances of retail stores and protects against retail theft. The Welcoming System is a revolutionary cloud-based digital advertising and data analytics system which sends customized advertising to digital screens integrated with theft detection sensor gates at the entrance of retail stores. INEO is publicly traded on the TSX Venture Exchange under the symbol "INEO". INEO Solutions Inc. is a registered trademark of INEO Tech Corp.
For more information please visit www.ineosolutionsinc.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
SOURCE INEO Tech Corp.
For further information: Pardeep S. Sangha, Investor Relations, INEO Tech Corp., [email protected], 604-283-2974